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Fraud*According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain*As defined in Wikipedia

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Friday, April 27, 2012

Wherever there is a loophole, you will find Goldman Sachs. This time it is a "timing difference" which, by the way, allows Goldman to keep its money and make more money from it before using it to pay taxes. Apparently, Goldman is capable of paying the tax in full with cash on hand.

Maybe Goldman should set aside a yearly sum for tax money just as it sets aside large sums for "legal" payments; that is, to pay fines for malfeasance.

The London arm of Goldman Sachs paid only £4.1m in corporation tax to
the Treasury last year despite making pre-tax profits of £1.92bn,
annual accounts have revealed.

Goldman Sachs International (GSI) had a corporation tax bill of
£422.3m but it deferred £418.2m – or more than 99 per cent of the amount
– that it had to pay immediately in "current tax". The Wall Street
giant, presided over by Lloyd Blankfein, was able to postpone payment
because of "timing differences", according to the accounts.

Goldman's
decision will be a blow to the Treasury's coffers as the Chancellor
George Osborne battles to reduce the Government's deficit. There is no
suggestion that GSI is seeking to avoid corporation tax by deferring
payment. However GSI's tax activities have come under scrutiny after it
emerged last year that the Inland Revenue boss Dave Hartnett had "let
off" the bank to the tune of £10m.

Mr Hartnett insisted to MPs that "a mistake had been made" and he is retiring early this summer.
The
bank's UK corporation tax bill fluctuates yearly as it can be skewed by
the value of its bankers' share options, which oscillate in tandem with
the stock market.

The £4.1 m GSI has paid in "current"
corporation tax in 2011 is in stark contrast to the £336m it paid in the
previous financial year.

The accounts showed revenues slumped 31
per cent to £3.19 bn last year because of eurzone jitters and "lower
global equity prices". But profits jumped, partly because the "paper"
value of share options paid to staff fell by more than £1.1 bn, thus
cutting the bank's wage bill.

Labour MP John Mann, a member of the
Commons Treasury select committee, said Goldman Sachs should not defer
tax payments when it could hand over the cash now.

"It's morally
and ethically wrong. These are people who are at the heart of the
problem in the financial world who've paid extraordinary bonuses to
their partners and aren't prepared to pay a fair amount of tax. It's
pure unadulterated greed."

GS666 #4 on TopSites List

Famous Quotes

The men the American people admire most extravagantly are the greatest liars; the men they detest most violently are those who try to tell them the truth. … H.L. Mencken

An age is called Dark not because the light fails to shine, but because people refuse to see it…James Albert Michener, novelist (1907-1997)

It is impossible to calculate the moral mischief, if I may so express it, that mental lying has produced in society. When a man has so far corrupted and prostituted the chastity of his mind as to subscribe his professional belief to things he does not believe he has prepared himself for the commission of every other crime. … Thomas Paine 1737-1809, Anglo-American Political Theorist, Writer

Laws just or unjust may govern mens actions. Tyrannies may restrain or regulate their words. The machinery of propaganda may pack their minds with falsehood and deny them truth for many generations of time. But the soul of man thus held in trance or frozen in a long night can be awakened by a spark coming from God knows where and in a moment the whole structure of lies and oppression is on trial for its life.: Sir Winston ChurchillWhen governments fear the people, there is liberty. When the people fear the government, there is tyranny. - Thomas Jefferson

When cheaters prosper, we end up with the worst possible system and to call it a free market system is an obscenity. -William BlackWhen the people fear their government, there is tyranny; when the government fears the people, there is liberty." - Thomas JeffersonI believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property - until their children wake-up homeless on the continent their fathers conquered. Thomas Jefferson - 1802

Don't be afraid to see what you see.

..................................... Ronald Reagan

When the people and the government fear Banksters like Goldman Sachs and JP Morgan, there is economic dictatorship that will destroy the very fabric of our existence as a civilized society.Mike Morgan

Let me control the money of a nation and I care not who makes its laws.Meyer Amsheil Rothschild

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